Oil prices set to plummet below $60 as OPEC+ boosts supply, analysts say

Wall Street analysts predict oil futures will fall below $60 per barrel by year-end as OPEC+ boosts output. OPEC+ announced a 548,000 bpd increase in production for August, marking the fourth consecutive monthly rise. Resilient demand from China will likely lead to further production hikes by OPEC+ in September. Goldman Sachs forecasts Brent at $59 in 2025Q4 and $56 in 2026.

BNP Paribas analysts lowered their year-end Brent forecast to $55 but anticipate an oil market recovery in 2026 due to expected supply growth moderation. Crude prices have dropped from a near $80 spike during the Israel-Iran conflict. Worst-case scenarios suggested triple-digit prices, but base cases still foresee lower prices by year-end.

A ceasefire between Israel and Iran announced by President Trump erased oil’s war risk premium, leading to a drop in WTI and Brent prices. WTI closed at $67.93 per barrel, and Brent settled at $69.58 per barrel on Monday. Supply is increasing, but strong demand is keeping trade volatile, according to BOK Financial’s Dennis Kissler.

Read more at Yahoo Finance: Oil prices expected to drop below $60 on increasing OPEC+ supply